First American Financial Q3 profit decreases to 9%

First American Financial has reported a net income of $33.1m, or $0.31 per diluted share, for the third quarter of 2010, compared to $38.8 m, or $0.37 per diluted share, for the same quarter of 2009.

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The total revenues for the third quarter of 2010 were $1bn compared to $1.10bn for the same period of 2009.

First American Financial Corporation CEO Dennis Gilmore said, during the third quarter, the firm continued to make good progress toward its financial and operational objectives.

“Even though we expect that the real estate and mortgage markets will remain challenging in 2011, we believe the company is well positioned to meet these challenges and to capitalize on opportunities that may develop. We will continue to manage our cost structure and improve operating efficiencies, while maintaining a conservative balance sheet,” Gilmore said.